1 st Half Financial Results FY Ending March 2018
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1 Driving Value Creation 1 st Half Financial Results Ending March 2018 A Cautionary Note on Forward-Looking Statements: This material contains statements (including figures) regarding Mitsui & Co., Ltd. ( Mitsui ) s corporate strategies, objectives, and views of future developments that are forward-looking in nature and are not simply reiterations of historical facts. These statements are presented to inform stakeholders of the views of Mitsui s management but should not be relied on solely in making investment and other decisions. You should be aware November 2, 2017 Mitsui & Co., Ltd. that a number of important risk factors could lead to outcomes that differ materially from those presented in such forward looking statements. These include, but are not limited to, (i) change in economic conditions that may lead to unforeseen developments in markets for products handled by Mitsui, (ii) fluctuations in currency exchange rates that may cause unexpected deterioration in the value of transactions, (iii) adverse political developments that may create unavoidable delays or postponement of transactions and projects, (iv) changes in laws, regulations, or policies in any of the countries where Mitsui conducts its operations that may affect Mitsui's ability to fulfill its commitments, and (v) significant changes in the competitive environment. In the course of its operations, Mitsui adopts measures to control these and other types of risks, but this does not constitute a guarantee that such measures will be effective.
2 Contents 1 Progress of Medium-term Management Plan 2 Operating Results 3 Supplementary Information 4 Segment Data 1
3 1 Progress of Medium-term Management Plan 2
4 Summary of Operating Results Build robust profit base Strong performance in each core business area and in Iron & Steel Products, and valuation gain on Valepar restructuring Recorded loss related to Multigrain operations, enhanced Iron & Steel Products supply chain Establish selected new growth areas Strengthened Mobility area by increasing equity stake in Penske Truck Leasing Cash flow focused management; Strengthen financial base Generated robust core operating cash flow and made steady progress in asset recycling (Unit: billion) Change Business Plan Progress Profit for the year/period % Core Operating Cash Flow* % Free Cash Flow* *1. Cash flow from operating activities ( 161.5bn) - cash flow from changes in working capital ( bn) *2. Free cash flow that excludes the effects of changes in working capital and time deposits Upwardly revised full year forecasts: Profit after tax: 400bn (+ 80bn) Core operating cash flow: 600bn (+ 100bn) 3
5 Key Initiatives (1) Build robust profit base and thoroughly strengthen existing businesses Core Areas Resources & Energy: Australian iron ore and coal operations strong; Achieved cost reductions in Energy business; Valuation gain on Valepar restructuring Machinery & Infrastructure: Business strong overall, recorded gain on sale of holding in a UK pumped-storage hydroelectric operator Chemicals: Methanol business and trading steady, Methionine price recovering at Novus (Unit: billion) Profit for the year/period Result Business Plan Thoroughly strengthen existing businesses Progress Core Operating Cash Flow Result Business Plan Progress Resources & Energy % % Machinery & Infrastructure % % Chemicals % % Core Areas Total % % Company total % % Strong trading at Machinery & Infrastructure, Chemicals and Iron & Steel Products. Enhanced Iron & Steel Products supply chain by strengthening relationship with Nippon Steel & Sumikin Bussan Corporation. 4
6 Key Initiatives (2) Establish selected new growth areas Growth Areas Q2 achievements * Progress Business Description Objective Mobility Additional investment in Penske Truck Leasing (PTL) Acquisition of operating rights for West Midlands (UK) Truck leasing, rental, and logistics businesses Passenger railway business Provide comprehensive cargo transport services Provide integrated passenger transport services Healthcare Acquisition of Accountable Healthcare Holding Corporation (US) Improvement of corporate value at Columbia Asia (CA), Panasonic Healthcare (PHC), MIMS Healthcare staffing business Decision to introduce PHC instruments at three hospitals in Indonesia owned by CA Decision to introduce MIMS service at all CA hospitals Address demand for HR services, strengthen cooperation between assets Establish and enhance a healthcare ecosystem that brings together [Places x People x Products x Services x Information] Nutrition & Agriculture Completion of tender offer for shares of Soda Aromatic Co., Ltd. (Japan) Manufacture and sales of fragrances and related products Address demand for high added value in foods * Initiatives undertaken in Q2. For initiatives undertaken in Q1, please see slide 21 5
7 Key Initiatives (3) Cash flow focused management; Strengthen financial base Result of asset recycling / investment and loans ( ) Steady progress in asset recycling Allocated 58% to core areas, 37% to growth areas Amount Main Projects *2 Asset Recycling 185.0bn [Resources] Recovery of loans associated with liquidation of SUMIC [Energy] Partial dilution of stake in Marcellus [Machinery & Infrastructure] Recovery of IPP Business loans, sale of holding in UK pumped-storage hydroelectric operator [Lifestyle] Sale of buildings in Japan [Innovation & Corporate Development] Sale of warehouses in Japan Investment and Loans * bn Main Projects *2 Core Areas Growth Areas (includes overlap with core areas) Others bn bn bn [Resources] Australian iron ore and coal operations [Energy] Thai offshore oil and gas development, Australian oil development, Cameron LNG (US) [Machinery & Infrastructure] Ghanaian FPSO [Chemicals] European sulphur & sulfuric acid distribution company [Mobility] Additional investment in PTL [Healthcare] US healthcare staffing business [Nutrition & Agriculture] Tender offer for Soda Aromatic Co., Ltd. [Retail & Services] US senior living business *1. Excludes changes in time deposits *2. Blue text describes new investments made or proceeds from asset recycling during Q2. See section 4. Segment Data for yen amounts for each project 6
8 Key Initiatives (3) Cash flow focused management; Strengthen financial base Result of cash flow allocation ( ) Steady progress in accumulation of free cash flow after shareholder returns (Unit: billion) Result 3-year cumulative ( ~ Mar/2020) Cash-In Cash-Out Core Operating Cash Flow * ,700 Asset Recycling Investment and Loans ,700~-1,900 Shareholder Returns * Free cash flow *3 after shareholder returns * *1. Cash flow from operating activities cash flow from changes in working capital *2. Three year cumulative column shows minimum total dividend *3. Free cash flow that excludes the effects of changes in working capital and time deposits ~400 Distribution at management discretion Additional shareholder returns Repayment of interest-bearing debt 7 Additional investment
9 Key Initiatives (3) Cash flow focused management; Strengthen financial base Balance Sheet (Unit: trillion) Sept/ 2017 Current assets 4.5 Interestbearing debt* (3.3) Noncurrent assets Other liabilities 2.7 Interestbearing debt* (3.3) Shareholder equity* Current assets 4.3 Noncurrent assets Other liabilities 2.7 Shareholder equity* Main changes from March 2017 Net interest-bearing debt down 10.8bn Shareholders equity up 233.5bn Profit: bn Foreign currency translation adjustments: bn Financial assets measured at FVTOCI: bn Dividend payments: bn Other: ± 0bn Noncontrolling interests Total assets 11.5 Shareholders equity 3.7 Net DER 0.88x Noncontrolling interests Total assets 11.5 Shareholders equity 4.0 Net DER 0.82x *1. Figures in brackets describe net interest-bearing debt, which is interest-bearing debt minus cash and cash equivalents, and time deposits *2. In this presentation, Shareholders equity means total equity attributable to owners of the parent. 8
10 Profit after tax Revised Forecasts Profit after tax * : Upwardly revised to 400bn (+ 80bn relative to plan) Revisions and reasons by main segment Mineral & Metal Resources : + 100bn Valuation gain on Valepar restructuring, increase in price of coal Machinery & Infrastructure : + 20bn IPP business Lifestyle : - 50bn Loss related to Multigrain operations (Unit: billion) 400 [Revision amount] Mineral & Metal Resources + 100bn 320 Energy + 5bn Machinery & Infrastructure + 20bn 150 Chemicals ± 0bn Iron & Steel Products + 5bn Lifestyle Innovation & Corporate Development - 50bn ± 0bn Sept/2017 Results Business plan Forecasts (announced in May 2017) (revised) 9 All Others, Adjustments & Eliminations ± 0bn * In this presentation material Profit after tax for the current consolidated fiscal year means Profit for the period attributable to the owner of the parent.
11 Core Operating Cash Flow Revised Forecasts Core Operating Cash Flow: Upwardly revised to 600bn (+ 100bn relative to plan) Revisions and reasons by main segment Machinery & Infrastructure:+ 70bn Energy :+ 10bn Iron & Steel Products :+ 10bn IPP business Cost reductions Market recovery and increase in handling volume (Unit: billion) 600 [Revision amount] Mineral & Metal Resources Energy ± 0bn + 10bn Machinery & Infrastructure Chemicals Iron & Steel Products + 70bn ± 0bn + 10bn Sept/2017 Results -6.4 Business plan (announced in May 2017) 150 Forecasts (revised) 10 Lifestyle Innovation & Corporate Development All Others, Adjustments & Eliminations ± 0bn ± 0bn + 10bn
12 Shareholder returns Forecast annual dividend remains 60 per share, interim dividend 30 per share Additional shareholder returns will be comprehensively evaluated based on robust cash generation (Unit: billion) ( ending March) 600 (Revised forecast) 630 Core Operating CF Stable core operating CF 500 * (Business plan) * Level of core operating CF that Mitsui can stably generate during each year of the Medium-term management plan 400 Minimum dividend 52.5 Minimum total dividend amount 100bn/year Interim dividend Year-end dividend (forecast) Annual dividend per share α 60+α Medium-term management plan 11
13 2 Operating Results 12
14 Profit YoY Segment Comparison profit 238.3bn, up 116.3bn (Unit: billion) Main factors Minerals & Metal Resources ( bn) Valuation gain on Valepar restructuring Profit growth at Australian coal and iron ore operations due to increase in price of coal and iron ore Reversal of impairment loss in Chile copper mining operations Energy (+ 23.2bn) Increase in LNG dividend Profit growth at MEPUSA primarily due to increase in price of gas and partial dilution of stake in Marcellus Machinery & Infrastructure (+ 14.4bn) Sale of holding in a UK pumped-storage hydroelectric operator Sept/2016 Sept/2017 Chemicals (- 4.4bn) Profit decline at Novus due to fall in price of Methionine Iron & Steel Products: (+ 7.4bn) Market recovery and increase in handling volume Gestamp newly included in consolidation Lifestyle (- 60.0bn) Loss related to Multigrain operations Gain on partial dilution of stake in IHH in same period of previous year Innovation & Corporate Development (- 3.8bn) FVTPL in mobile data network operator Gain on sale of warehouses in Japan Others (- 2.7bn) 13
15 Core Operating Cash Flow YoY Segment Comparison Core operating cash flow 304.6bn, up 123.3bn (Unit: billion) Sept/ Sept/ Main factors Minerals & Metal Resources (+ 48.6bn) Increase in price of coal and iron ore Energy (+ 27.2bn) Increase in price of oil and gas, increase in dividend received Machinery & Infrastructure (+ 18.7bn) Increase in dividend received from IPP Business Chemicals (- 2.7bn) Fall in price of Methionine at Novus Trading strong Iron & Steel Products: (+ 7.4bn) Market recovery and increase in handling volume Lifestyle (+ 2.2bn) Recovery at XINGU Innovation & Corporate Development (- 6.6bn) Decline in gross profit due to FVTPL Others (+ 28.5bn) Expenses, interest, taxes, etc. not allocated on business segments 14
16 Profit YoY Factor Comparison ( billion) Valuation gain/loss Commodity prices/forex Base profit approx. Resource-related costs/volume +4.0 Asset recycling Base profit Resource related costs/volume Asset recycling Commodity prices/forex Valuation gain/loss Sept/16 Valepar deconsol. Novus Multigrain METS Iron & Steel products LNG dividend FVTPL Reversal from 17 valuation loss ± Etc. Costs +3.0 Min. & Metal -3.0 Iron ore +1.0, Coal -5.0 Copper/Nickel+1.0 Energy Volume (Min. & metals ±0, Energy +1.0) Reversals from 17 Total current period First Hydro Japan building sales Japan warehouse sale Marcellus Min. & Metal Iron ore Coal Copper/Nickel Oil, gas Reversals form Total current period Valepar AAS Multigrain DTA reversal Etc. Forex +3.0 Xingu (Yen vs. functional currency +14.0) Etc. (Functional currency vs. Revenue currencies -11.0) Sept/17 *Forex breakdown Min.& Metal Resources: -3.0 Energy: +3.0 Other: +3.0 Yen vs. Functional Currency Functional Currency vs. Revenue Currencies ±0 15
17 3 Supplementary Information 16
18 Assumptions and Sensitivities Effects of price changes on profit for (announced in May 2017) assumption (announced in May 2017) 18/3 (Result) 18/3 H2 (Assumption) 18/3 Full year Forecast (/H2 average) Crude oil/jcc Consolidated oil price (*1) 2.8bn (US$1/barrel) Commodities U.S. gas(*2) 0.4bn (US$0.1/mmBtu) (*3) 2.98(*4) 3.05 Iron ore 2.5bn (US$1/ton) (*5) 66.9(*6) (*5) (*5) Copper 1bn (US$100/ton) 5,600 5,748(*7) 6,410 6,079 US$ 2bn ( 1/US$) Forex (*8) Australian $ 1.7bn ( 1/Australian$) Brazilian Real 0.4bn ( 1/Brazilian Real) (*1) As the crude oil price affects our consolidated results with a 0-6 month time lag, the effect of crude oil prices on consolidated results is estimated as the Consolidated Oil Price, which reflects this lag. For the year ending 18/3 we have assumed that there is a 4-6 month lag for 31%, a 1-3 month lag for 38%, and no lag for 31%. (*2) Mitsui s U.S. natural gas is not necessarily sold at Henry Hub (HH) directly linked prices the above sensitivities are relative to changes in the weighted average sale price, not to changes in the HH price. (*3) US gas figures for 18/3 results are the Henry Hub Natural Gas Futures average daily prompt month closing prices traded on NYMEX during January to June (*4) For natural gas sold in the US at HH linked prices a H2 HH price of US$2.98/mmBtu has been assumed. (*5) Iron ore price assumptions are not disclosed. (*6) Iron ore results figures for 18/3 are the daily average (reference price) spot indicated price (Fr 62% CFR North China) recorded in several industry trade magazines from April to September (*7) Copper results figures for 18/3 are the averages of the LME monthly average cash settlement prices for the period January to June (*8) Impact of currency fluctuations on reported profit for the year of overseas subsidiaries and equity accounted investees denominated in functional currencies Depreciation of the yen has the effect of increasing profit for the year through the conversion of profit for the year of overseas subsidiaries and associated companies (denominated in functional currencies) into yen. In the Metal Resources and Energy business where the sales contract is in US$ the impact of currency fluctuations between the US$ and the functional currencies (Australian $ and Brazilian Real) and the impact of currency hedging are not included. 17
19 Mineral & Metal Resources: Equity share of production; Production Equity share of production Iron ore* Coal* Copper* (Mt/year) (Mt/year) (Kt/year) * Including 5% of Vale production * Including 5% of Vale production, Moatize, others. * Including 5% of Vale production Mar/2016 Result Result (Est.) Mar/2019Mar/2020 (Est.) (Est.) Mar/2016 Result Result (Est.) Mar/2019Mar/2020 (Est.) (Est.) Mar/2016 Result Result (Est.) Mar/2019Mar/2020 (Est.) (Est.) Production Q1 Q2 Q3 Q4 Full year Q1 Q2 Iron ore (Mt) Australian iron ore Vale * Coal *2 (Mt) MCH BMC * Coking coal Thermal coal Moatize Copper *1*2 (Kt) *1 Figures for Vale, BMC and copper are Result for: Q1 Jan-Mar; Q2 Apr-Jun; Q3 Jul-Sep; Q4 Oct-Dec. *2 Includes Share of Vale production (~2018/3 1Q :5.0%, 2018/3 2Q~:5.5%), others. 18
20 Energy: Crude oil & Gas-Equity share of production & reserves Production* 1 Reserves *1*2 (KBoE/day) (100m barrels) Gas Oil 7.4 Gas Oil Mar/2016 Result Result (Est.) Mar/2019 (Est.) Mar/2020 (Est.) Result *1. Oil equivalent Mitsui s equity share of interests in consolidated subsidiaries, affiliates and non-consolidated interests *2. According to Mitsui s assessment standards 19
21 Machinery & Infrastructure Electric power portfolio Net generation capacity (Mitsui s share) : 10.1GW (Gross generation capacity :37GW) As of end September 2017 Oil 1% Coal 23% Renewable Energy 15% By Energy Source Gas 61% Middle East 25% Europe Africa 5% 7% By Region Asia/ Australia 32% Merchant 11% Merchant/ Contracted Americas 31% Contracted 89% 20
22 Key initiatives (2) Establish selected new growth areas Growth areas Achievements in Mar 2018/3 Q1 * Progress Business Description Objective Mobility Decision to expand production facilities at KAAP (US) Manufacture and sales of auto parts Address demand for lighter cars Healthcare Agreement to invest in R-Pharma (Russia) Russia's largest pharmaceutical company Address demand for high valueadded new drugs Nutrition & Agriculture Announcing schedule of tender offer for shares of Soda Aromatic Co., Ltd. (Japan) Manufacture and sales of fragrances and related products Address demand for high added value in foods * For initiatives undertaken in Q2, please see slide 5 21
23 4 Segment Data 22
24 Mineral & Metal Resources Forecast PAT revised up mainly due to valuation gain on Valepar restructuring, cash flow unchanged ( billion) Results 業績 Change Revised Mar/ 2018 full year forecast Progress *2 Business plan Contributing factors profit % Australian iron ore (increase in iron ore prices) Gross profit Australian coal(increase in coal prices) Profit (Loss) from equity investments Dividend income Selling, general and administrative expenses Oriente/AAS(impairment reversal) RRMC (increase in iron ore prices) Others Valuation gain on Valepar restructuring Core Operating Cash Flow % Total assets 1,962.2 *1 2, *1. End March 2017 *2. % progress against revised full year forecast Cash flow Core operating CF Investment CF (IN) Investment CF (OUT) Results of main affiliated companies Company name Change Full year Consolidated Australian iron ore business * Australian coal business * Main investments and recycling : (IN) SUMIC loans collected+19.4 (OUT) Australian iron ore and coal business Equity method Valepar Oriente Copper Netherlands Mitsui Bussan Copper Investment & Co., Ltd Japan Collahuasi Resources Inner Mongolia Erdos EJM Manganese Alloys Co., Ltd *3. A portion of profit/loss was accounted for by the equity method
25 Energy Results PAT and cash flow revised up mainly due to cost reductions and increase in LNG dividend Change Revised full year forecast Progress *2 Business plan Contributing factors ( billion) profit % 50.0 Gross profit Profit (Loss) from equity investments MEPUSA/MEPTX/MEPAU (increase in gas and oil prices) METS(poor trading performance) Dividend income Six LNG projects Selling, general and administrative expenses Others Increase in corporate tax due to pre-tax profit increase Cost reductions Core Operating Cash Flow % Total assets 1,905.3 *1 1, *1. End March 2017 *2. % progress against revised full year forecast Cash flow Core operating CF Results of main affiliated companies Investment CF (IN) Investment CF (OUT) Main investments and recycling : (IN)Marcellus partial sale (OUT) Oil and gas development (non-shale) US Cameron LNG Consolidated Equity method Company name Change Mar/ 2017 Full year Mitsui Oil Exploration Co., Ltd. * Mitsui E&P Australia Mitsui E&P Middle East Mitsui E&P USA MEP Texas Holdings Mitsui E&P Mozambique Area Mitsui & Co. Energy Trading Singapore Japan Australia LNG (MIMI) * *3. A portion of profit/loss was accounted for by the equity method *4. Results not disclosed due to non-disclosure agreement
26 Machinery & Infrastructure PAT and cash flow revised up due to expected IPP business recycling/cash recovery ( billion) Results Change Revised full year forecast Progress *2 Business plan Contributing factors profit % 70.0 Gross profit Profit (Loss) from equity investments Gain on recycling of IPP business Dividend income Selling, general and administrative expenses Others Core Operating Cash Flow % 80.0 Total assets 2,238.1 *1 2, *1. End March 2017 *2. % progress against revised full year forecast Cash flow Results of main affiliated companies Core operating CF Investment CF (IN) Investment CF (OUT) Main investments and recycling : (IN) IPP business+28.0, UK power generation business (OUT) Increased stake in PTL -48.3, Ghana FPSO Consolidated Equity method 25 Company name Change Mar/ 2017 Full year Mitsui & Co. Plant Systems, Ltd Mitsui Rail Capital, LLC * IPP business companies FPSO/FSO lease business companies Gas supply business Penske Automotive Group Truck lease/rental business companies Asia automotive (manufacture, wholesale) businesses VLI *3. A portion of profit/loss was accounted for by the equity method
27 Chemicals Results Despite decline in Methionine price, maintaining PAT and cash flow forecasts due to solid trading performance Change Revised full year forecast Progress *2 Business plan Contributing factors ( billion) profit % 30.0 Gross profit Novus (decline in methionine price) Profit (Loss) from equity investments Dividend income Selling, general and administrative expenses Others Core Operating Cash Flow % 50.0 Total assets 1,175.2 *1 1, *1. End March 2017 *2. % progress against revised full year forecast Cash flow 53.8 Core operating CF Investment CF (IN) Investment CF (OUT) Results of main affiliated companies Company name Change Mar/ 2017 Full year Main investments and recycling :(OUT) Sulfur and sulfuric acid business in Europe, Soda Aromatic tender offer Consolidated Equity method MMTX Intercontinental Terminals Company Mitsui & Co. Plastics Ltd Novus International Mitsui AgriScience (EU/Americas) Japan-Arabia Methanol Co
28 Iron & Steel Products PAT and cash flow revised up due to recovery in market conditions and increased volume handled ( billion) Results Change Revised full year forecast Progress *2 Business plan Contributing factors profit % 10.0 Gross profit Market recovery, volumes up Profit (Loss) from equity investments Gestamp companies Dividend income Selling, general and administrative expenses Others Core Operating Cash Flow % 5.0 Total assets * *1. End March 2017 *2. % progress against revised full year forecast Cash flow Results of main affiliated companies Core operating CF Investment CF (IN) Investment CF (OUT) Main investments and recycling :(OUT) Gestamp Consolidated Equity method Company name Change Full year Mitsui & Co. Steel Ltd CHAMPION CINCO PIPE & SUPPLY* Gestamp companies Game Changer Holdings *3. In a loss of 3.5bn was recorded due to reversal of a single company deferred tax asset (DTA). There is no effect on the Iron & Steel Products segment from rebooking of the DTA. 27
29 Lifestyle PAT forecast revised down due to Multigrain losses, cash flow forecast maintained due to steady distribution business ( billion) Results Change Revised full year forecast Progress *2 Business plan Contributing factors profit Gross profit Profit (Loss) from equity investments Xingu (drought in previous period) Multigrain (poor performance in origination business) Dividend income Selling, general and administrative expenses Others Multigrain operations, sale of IHH shares in previous period, Xingu impairment loss Sale of domestic building Core Operating Cash Flow % 10.0 Total assets 1,723.4 *1 1, Cash flow *1. End March 2017 *2. % progress against revised full year forecast Core operating CF Investment CF (IN) Investment CF (OUT) 4.5 Results of main affiliated companies Consolidated Company name Change Full year Multigrain Trading Mitsui Norin Co., Ltd Domestic distribution related companies Mitsui & Co. Real Estate Ltd Mitsui Sugar Co., Ltd Main investments and recycling :(IN) Sale of domestic building+10.5 (OUT) US healthcare staffing business -12.9, US senior living business Equity method WILSEY FOODS MBK Healthcare Partners * Panasonic Healthcare Holdings * AIM Services Co. Ltd *3. Sale of portion of IHH shares in recorded as gain on sale of marketable securities *4. Results not disclosed due to non-disclosure agreement
30 Innovation & Corporate Development PAT and cash flow forecasts maintained despite losses recorded in ( billion) Results Mar/ 2017 Mar/ 2018 Change Revised full year forecast Progress *2 Business plan Contributing factors profit % 10.0 Gross profit Profit (Loss) from equity investments FVTPL on mobile data network operator, decline in forex gains/losses (corresponding to improvement in Others) FVTPL on Hutchison China MediTech Dividend income Selling, general and administrative expenses Others Sale of warehouse in Japan Improvement in forex gain/losses (corresponding to decline in Gross Profit) Core Operating Cash Flow Total assets * *1. End March 2017 *2. % progress against revised full year forecast Cash flow Core operating CF Investment CF (IN) Investment CF (OUT) Main investments and recycling :(IN) Sale of warehouse in Japan Consolidated Equity method Results of main affiliated companies 29 Company name Change Mar/ 2017 Full year Mitsui Knowledge Industry Mitsui Bussan Commodities Mitsui & Co. Global Logistics, Ltd. Mitsui & Co. Asset Management Holdings Asia Pacific Mobile QVC Japan * JA Mitsui Lease *3. Results not disclosed due to non-disclosure agreement
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